Grayscale Rings NYSE Bell to Launch $GDLC, First U.S. Multi-Asset Crypto ETF

Key Takeaways:

• Historic milestone: Grayscale launches the first-ever U.S. multi-asset crypto ETF, trading under ticker $GDLC.
• Broad exposure: The ETF tracks 90% of the digital asset market, featuring BTC, ETH, XRP, SOL, and ADA.
• Symbolic debut: The Grayscale team rang the NYSE Opening Bell, celebrating a decade-long push for institutional crypto access.

Grayscale Investments, the world’s largest digital asset manager, marked a defining moment for crypto finance by ringing the Opening Bell at the New York Stock Exchange on October 24. The event celebrated the Grayscale CoinDesk Crypto 5 ETF ($GDLC), the first multi-asset cryptocurrency exchange-traded product (ETP) in U.S. history.

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The NYSE ceremony symbolized more than a product launch, it underscored the mainstream recognition of digital assets within the U.S. financial system. Grayscale CEO Peter Mintzberg described the occasion as a culmination of over 12 years of innovation, stating:

“With GDLC, investors can now gain exposure to 90% of the crypto market in one ticker. It’s another first in our long history of bringing digital assets to Wall Street.”

The Grayscale CoinDesk Crypto 5 ETF (GDLC) began trading in September 2025 on NYSE Arca, giving investors a single, regulated channel to access a diversified basket of the most liquid cryptocurrencies. The product represents a conversion of the Grayscale Digital Large Cap Fund, restructured into a publicly tradable ETF format.

According to Grayscale, Bitcoin (BTC) dominates the fund’s composition at 74.6%, followed by Ethereum (ETH) at 16.07%, XRP at 5.01%, Solana (SOL) at 3.52%, and Cardano (ADA) at 0.8%. Together, these five assets represent the majority of global crypto market capitalization.

The ETF tracks the CoinDesk 5 Index, designed to mirror the performance of the largest and most liquid crypto assets by market cap. It undergoes quarterly rebalancing to reflect evolving market weights.

Unlike traditional ETFs, GDLC operates outside the Investment Company Act of 1940, allowing flexibility in handling digital asset custody and pricing mechanisms. The structure, Grayscale said, is a “purpose-built innovation” that bridges traditional finance and blockchain infrastructure.

Institutional interest in crypto ETFs has surged since the approval of spot Bitcoin ETFs earlier in 2025. Grayscale’s GDLC now extends that bridge to a multi-asset model, giving fund managers, retirement accounts, and retail investors broader exposure with one regulated product.

“This isn’t just about Bitcoin anymore,” said Mintzberg. “Digital assets are an emerging asset class and GDLC makes it accessible to everyone with one trade.”

Read More: Grayscale Debuts First-Ever U.S. Spot Crypto ETFs With Staking Rewards

Grayscale’s decision to include XRP, recently cleared of security violations in a partial court victory for Ripple, signals renewed institutional comfort with the asset. The addition of Solana and Cardano is an indication of recognition of the emerging Layer-1 ecosystem that is still gaining liquidity and developer attention.

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